Hundreds of workers will lose their jobs after the collapse of retail chain Barbeques Galore.

The company was placed into voluntary administration in February, with receivers tasked with finding a new buyer.

But they said that while there were several interested parties, there had been no acceptable offers to recapitalise the business by late May.

The business’s 62 company-owned stores will start winding down from June 16, with transitional arrangements under way for the remaining 27 franchise-owned stores, administrators from consultancy firm Ankura said on Tuesday.

The retailer’s closure will make 500 staff redundant.

“All employees will be paid their full accrued redundancies and termination payments in the ordinary course of separation,” the receivers said.

Stores will continue to trade remaining stock and suppliers will continue to be paid until liquidators step in on the June 16 deadline.

Customers with gift cards will have their balances honoured until June 30, but they must spend $2 for every $1 on the card.

To redeem a $50 gift card, the consumer must make a purchase of at least $150, of which $100 is paid on top of the card’s value.

Receivers had negotiated with major creditor Gordon Brothers to keep the business going, and there were also talks with landlords and suppliers.

“Following negotiations in recent weeks, the BBQG Group has reached the position where the conditions to the [proposal] are not capable of being implemented,” they said.

Barbeques Galore is synonymous with Australia’s barbecue culture, supplying barbecues since 1977 after being founded by entrepreneur Max Mason in Sydney.

-AAP